What's the difference between "Financial Accounting" and "Principles of Accounting"

[mlwilliamsiv]

For whatever it's worth...here's my 2 cents...*drum roll please*!!!

I took the Financial Accounting CLEP and it was a monster!!!! I only scored a 53 and I studied for 2.5 weeks.

I guess to each is own but I would strongly suggest you study outside materials in addition to IC...unless you already have "some" kind of Accounting background. If you are the latter, then yes IC, IMHO, would be enough to get you by. But if you were like me who hadn't been acclimated to Financial Accounting since high school, then you need additional resources.

The information that I found in the Specific Exam Feedback section was very useful. I have yet to find any futile information in that section. There were some very valuable links in that section pertaining to Financial Accounting. I would also suggest reading the CliffsNotes on Financial Accounting and also the Standard Deviants Videos on Financial Accounting Parts 1 & 2.

That pretty much sums up what I used to prepare for the exam. But if you are planning to take the CLEP version...make sure you know the math involved pretty well. My version was heavy on the math and I couldn't wrap my mind around some of the concepts because I didn't focus too much on the math...just definitions and terminology mostly. Make sure you know how to apply the math concepts as well. Trust me. This test stressed me out so bad that I thought I failed for sure. I couldn't even look at my score when I finished. But I passed!

Hope this info helps you some.

Good luck on your journey and I wish you well.

Peace be with you always.

From a loyal degree seeker,

Marshall